Common use of Purchased Loans Clause in Contracts

Purchased Loans. (a) Each Purchased Loan constitutes a legal, valid and binding obligation of the respective borrower(s) or obligor(s), enforceable, to the Knowledge of Seller, by the holder thereof in accordance with its terms subject, as to enforcement, to the Enforceability Exceptions. Each Purchased Loan is evidenced by legal, valid and binding instruments executed by the respective borrower(s) or obligor(s).

Purchased Loans. (aa)(i) Each Purchased Loan constitutes a represents the legal, valid and binding obligation of the respective borrower(s) or obligor(s)related borrower, enforceable, to the Knowledge of Seller, enforceable by the holder thereof in accordance with its terms subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation and other similar laws and equitable principles relating to or affecting the Enforceability Exceptions. Each Purchased Loan is evidenced by legal, valid and binding instruments executed by the respective borrower(s) or obligor(s)enforcement of creditors’ rights generally.